PetroChina Fuel Oil has formed a joint venture with Qingdao Port International to build a crude oil storage tank at the Dongjiakou port area.
According to local reports, the joint venture project will be engaged in the storage and transmission of oil products, including crude oil, fuel oil, diluted asphalt and wax oil. The project will have an investment value of RMB300 m, of which Qingdao Port will take a 49% stake.
The port says in a statement: ‘Both parties will leverage on their respective advantages and further improve the oil storage and transportation facilities in Dongjiakou Port Area, so as to further enhance the core competitiveness of the Port of Qingdao in respect of transportation of oil products.’
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